It is understood that furniture retail giant IKEA has agreed to cooperate with 214 Oxford Street Shop.
The store used to receive 400,000 customers every week.
According to React News, IKEA expects to pay 385 million pounds for the site, which is the location of the currently vacant Topshop store, as well as Nike Town and Vans stores that are not owned by Topshop.
The report added that IKEA has agreed to purchase “a groundbreaking new flagship store.”
IKEA UK and Ireland are part of the Ingka Group and did not comment on the transaction. But an IKEA spokesperson said: “We are working hard to create a new IKEA that is more affordable, more convenient and more sustainable.”
The spokesperson added: “As part of our accessibility programs in the UK and Ireland, we are always looking for new ways to better meet the needs of our customers. This includes investing in our online products, rebuilding and retrofitting existing IKEA stores. , As well as exploring different forms and locations as part of the new downtown approach. We are constantly reviewing our expansion strategy, but currently have no plans to share.”
After the turbulent period since the pandemic began, if the transaction is completed, it will be seen as a boost to the famous shopping street.
As travel restrictions keep tourists and office workers away, and retailers have to temporarily close stores for blockade, passenger traffic has plummeted. But recent data shows that as more people return to central London, the latest lockdown measures have improved.
The Arcadia Group of retail tycoon Sir Philip Green, which is behind high-street brands such as Topshop and Wallis, entered management at the end of last year.
Brands including Topman and Topshop have been sold to new owners
/ AFP/Getty ImagesSubsequently, some members of KPMG’s restructuring business were Appoint a joint manager of a company This is a property-owned subsidiary of Arcadia Group and holds long-term leasehold interests in Topshop and Topman Oxford Street stores.
That department of KPMG has been sold and is now called Interpath Advisory. Interpath, which has been working on the process, declined to comment.
Real estate news site React also stated that the property is the largest asset owned by the broader Arcadia Group. Once senior lender Apollo Global Management receives the £311.6 million owed, the Arcadia pension fund will receive the remaining proceeds.
Apollo declined to comment.
Earlier this year, the Sunday Mail stated that IKEA had previously seen other buildings on Oxford Street, including the former BHS, but it is understood that IKEA has shown “serious interest” in the Topshop website.
